What changed
RBI forwarded a December 3, 2009 note from the UN Security Council's 1267 Committee with changes to the consolidated list of individuals/entities linked to Al-Qaida and Taliban. Banks must update their records with this revised list and ensure no account is held by or linked to any listed entity.
What it means for you
Co-operative banks must immediately update their internal watchlists with the latest UNSC 1267/1822 consolidated list. They are required to screen all new account applicants against this list and review existing accounts for any matches, following the UAPA Order dated August 27, 2009 for freezing of funds and assets.
What you must do
- Update the consolidated list of terrorist individuals/entities as circulated by RBI with the latest UNSC 1267 Committee changes.
- Screen all new account openings against the updated list before onboarding customers.
- Scan all existing accounts to identify and report any accounts linked to listed individuals/entities.
- Follow the freezing procedures detailed in paragraph 6 of RBI circular dated October 29, 2009 for any matched accounts.
- Acknowledge receipt of this circular to your respective RBI Regional Office through the Compliance Officer/Principal Officer.
Who it affects
State Co-operative Banks (StCBs), Central Co-operative Banks (DCCBs), Compliance Officers and Principal Officers of co-operative banks
What is the source of the updated list?
The list is the UNSC 1267 Committee's consolidated list of individuals and entities linked to Al-Qaida and Taliban, as per UNSCR 1267(1999) and 1822(2008). The full list is available on the UN website at http://www.un.org/sc/committees/1267/consolist.shtml.
What action is required for existing accounts?
Banks must scan all existing accounts to ensure no account is held by or linked to any entity or individual on the updated list. If a match is found, freezing of funds, financial assets, or economic resources must follow the procedure in paragraph 6 of RBI's October 29, 2009 circular.
Who should acknowledge receipt of this circular?
The Compliance Officer or Principal Officer of the bank should acknowledge receipt of this circular letter to the concerned RBI Regional Office.